转载一篇好文。

The purpose of this memo is to convey my personal philosophy as it relates to Bridgewater. By "philosophy" I mean a combination of personal objectives and beliefs about how these objectives can be achieved.

The Philosophy
My overriding objective is excellence, or more precisely, constant improvement at Bridgewater. First and foremost, I want to have a culture of excellence that results in a superb and constantly improving company in all respects. While I enjoy myself most when I can focus on the markets and the investments strategy, I'll do whatever it takes to make the company great. I also need to have people around me who are similarly motivated, both because I cannot achieve this goal alone and because I would not want to (I want to work hard and celebrate the success with others). I have been very lucky in this regard as several people who share the same philosophy have been with me for several years, and there are many more who have been here less time that I am optimistic about. The greatest compliment someone could pay me is to tell me what a great team of people I have assembled. But, I won't compromise excellence for the team.
This brings me to the subject of conflict. Conflict in the pursuit of excellence is a terrific thing and is strongly encouraged, in fact demanded. There should be no (or as little as possible) hierarchy. Certainly there are organizational "superior-subordinate" relationships; however, every "subordinate" is encouraged to argue with his or her "superior" if he or she thinks they know the better way, and every "superior" is required to encourage this. Naturally, even after such exchanges of opinions, differences in conclusions are sometimes going to remain. The "superior" is encouraged to only rarely use the authority of his or her position in determining the outcome. Rather, in the event that a disagreement occurs, both should plead their cases to a small group of appropriately knowledgeable parties (it is the obligation of these people to decide solely on the basis of the merits of the arguments) - I want power to lie in the reasoning, not in the position, of the individual. While there are drawbacks to this approach (a lot of time can be spent in discussions, disagreements can produce tensions, etc.), the advantages (e.g. the decisions are likely to be better, people who don't have seniority know that they can drive the decisions, etc.) outweigh them. Clearly this approach isn't perfect, but it is the best I know of because I believe it is most likely to foster excellence.
Like conflict, criticism (by oneself and by others) is an essential ingredient in the improvement process. Criticism is identifying problems. Identifying problems is essential to improvement. The biggest impediment to improvement in most companies is that people tend to tie their egos to problems and, as a result, are reluctant to identify and talk openly about their problems. They inevitably view identifying problems as personal attacks and shy away from dealing with them. Instead, criticism should be viewed as constructive, not destructive. Mistakes are good things - if we learn from them and improve. What matters most is how people deal with them. If they objectively diagnose mistakes and establish ways of not repeating them, that's great. If they avoid facing up to them and don't alter what they are doing, this is unacceptable. As with conflict, there should be no hierarchy in the giving or receiving of criticism. I have learned a lot from people pointing out my mistakes, and I genuinely want criticism; I assume the same to be true for all others here.
I believe that another ingredient for success is team spirit. By team spirit, I am referring to 1) one's recognition of the responsibilities one has to help the team achieve its common goals and 2) the willingness to help others (i.e. work within a group) toward these common goals. This involves the realization that Bridgewater is a community in which our fates are intertwined. For the company to be successful every area of the company must work very well; if one area fails, the system breaks down. As the saying goes, we are as strong as our weakest link, and this is why the individual must recognize his or her importance and obligations to the whole organization. When this behavior exists, people also know that others can be relied on to go to extraordinary lengths to help. As a corollary, substandard performance cannot be tolerated anywhere in the company because it would hurt everyone. Poor performance and/or uncooperative attitudes undermine the team. One of the most difficult responsibilities a team leader has is to cut poor performers, particularly those who are trying but don't have the ability. This is often perceived harsh or unkind, but it is ultimately best for everyone, including the person who is being cut. Think of Bridgewater as being a team like the Green Bay Packers under Vince Lombardi - if you like being challenged and performing up to your potential, Bridgewater is the right place for you. If you are thin-skinned and don't like conflict or criticism, you should be somewhere else.

People who work at Bridgewater have been selected because they have been high achievers (i.e. exceeded the standards of the general population). Obviously, everyone here has high standards for their own achievement, but it is not likely that individuals hold themselves to standards that they might not be able to achieve. The philosophy of Bridgewater is such that individuals are held to the highest possible standards, and the goal is to get people to achieve far beyond their previous standards and expectations. You have to understand that Bridgewater is not about plodding along at some kind of moderate standard; it is about working like hell to reach a standard that is extraordinarily high, and then getting the satisfaction that comes with that kind of super-achievement.

As mentioned, my overriding objective is excellence and constant improvement at Bridgewater. To be clear, it is not to make lots of money. If faced with the choice between pursuing excellence and making lots of money, I'd choose the excellence, though they are integrally tied (not only does the culture produce financial success, but financial success provides the resources to pursue excellence). Because they are so integrally related, they can easily get confused. I don't think one can achieve real excellence in order to make money because making money would then be the goal, not excellence. They are two different goals. When faced with the choice, excellence will be cheated. Money doesn't bring happiness; the pursuit of excellence does. Pursuit of excellence can take many forms - in one's job, raising one's kids, being a great lover, etc. I have known several really rich people, none who has been happy because of it. I've also known plenty of people who have hardly any money and are into their challenges and are happy. There is a clear correlation between pursuing excellence and achieving happiness and a poor correlation between having money and having happiness. For me "success" measured in financial terms is a consequence, not a goal in itself. Also, as the saying goes, it is a means of keeping score. I like putting points on the board, but excellence is the goal (i.e. the kick).
If we operate consistent with this philosophy, we all will be very productive, and the company will do well financially. The company is like an ecosystem in that for us to flourish, people have to be both productive and nourished (well paid). There has to be a healthy balance. If there's lots of productivity and not commensurate pay, we will experience turnover and ruin the system; similarly, if there isn't productivity, there can't be good pay. So, I want to pay people in proportion to their contributions and above the market. I believe that while money is a relatively poor motivation for people (because good people will work well regardless and poor people won't improve because of it), we will certainly lose the right type of people (i.e. motivated and capable) if they are not well paid. Besides, it would undermine the esprit de corps that comes from sharing the benefits and treating people well.
As an extension of the pay and promote based on productivity philosophy, there is comparatively little age and seniority based hierarchy in terms of compensation and responsibility. Over time people will develop track records. Based on these track records, their responsibilities and compensation can change quickly. For this reason, quite young people who have what it takes can advance at a fast pace. Seniority and experience only matter if they contribute to superior performance. I started Bridgewater at age 25, and I'm an entrepreneur, so I believe in young people who want to make great things happen. Additionally, because I want performance (both the individual's and the company's) and compensation to be linked, a significant portion of compensation comes through bonuses and/or other performance-based schemes. This has the added benefit of tying the individual's financial well-being to the company's, which a) helps foster the common pursuit of excellence, b) allows the company's revenues and expenses to vary together and c) should provide greater total compensation than would be available otherwise. On average, incentive related compensation makes up 25% of total compensation with the percentages rising as total compensation increases.
I am hoping that we build long term relationships with people at Bridgewater because these relationships are a) gratifying (during good times it's fun to share success with the people who have been fighting along side with you, and during difficult times it is gratifying to know that they are with you) and b) efficient (turnover requires retraining and therefore creates set-backs). Because the relationships will be long term and people by nature are skeptical, I believe that my credibility (and the credibility of other Bridgewater people) will be earned over time. People who have been here a long time know whether or not I am operating consistent with this stated philosophy. Hopefully, what I get in return is their trust and confidence (both that it will work and that they will get a fair deal). The only reason to work at Bridgewater is because you believe that this philosophy works and that it is being followed here. If you think that this is either the wrong philosophy or the right philosophy and not being pursued here, you should be pessimistic about Bridgewater's future. More than anything else (existing people, products or clients), Bridgewater is this philosophy. While everything else will change, this philosophy will remain the same (hopefully) and describes how we will approach change. Bridgewater today is, except for the philosophy, very different than it was a few years ago and will be like a few years from now. The course of our evolution is a function of this philosophy.

美国的PE最近因为次级债危机的原因，业务变得突然很难做，不仅很难从银行借到钱，想发行债券也没有什么人买，所以也就没有外部资金来进行杠杆收购了，最近新闻上报道的PE的并购交易少得可怜，而且很多PE交易都以闹上法庭PE赔偿违约金了事。

不过英国的PE倒是很有眼光，看上了英国不久即将进行改革的法律服务业。根据英国最新公布的2007法律服务法案（legal service act 2007), 律师事务所可以公开发行股份，不过此法案要到2011年才开始执行。一家叫做lyceum capital 的中型PE 现在已经摩拳擦掌，未雨绸缪了。根据新闻报道，该PE已经联系了好几家中型律所（有成长潜力），帮他们做未来的融资方案，而且聘请了行内专家作为业务顾问。但是这家PE要想真正在法律界大干手脚，也要等到那关键的法律生效才行。不管怎样，这家PE紧跟政策变动，先把关系网拉好的业务策略还是很值得欣赏的。

其实PE如果觉得投资律师事务所有利可图的话，可以到澳大利亚去投资。我以前写过一篇文章，专门讲过澳大利亚的一家律师事务所（slate & Gordon) 已经上市融资，看到的后续报道也说这家律所的利润增长也不错。估计接着还会有其他的律师事务所跟着上市。

不知道允许律师事务所上市会不会成为一种趋势，现在已经有了两个国家颁布了放行的法律。两个都是普通法国家。我猜下一个做如此改革的可能会是加拿大或者新西兰这样的普通法国家。

美国总统竞选正进行地如火如荼，各大媒体也是竞相报道，在美国发生的事情，在世界各地也被热闹的谈论着。像我们这样的非美国人也为了奥巴马或是希拉里赢了州的初选而激动。可能大家都觉得美国的国内事务其实对于国际形势的走向都很有影响，所以就特别关注。

不过这个过程中也有很有意思的新闻，比如说下面的这个报道：

目前美国民主党总统候选人提名战正酣，奥巴马与希拉里的角逐吸引了全世界的目光。但人们也许不知道，远在太平洋彼岸的日本小滨市正为奥巴马而疯狂。

　　由于“小滨”在日文中与奥巴马发音相同，一些小滨市市民就成了奥巴马的支持者。民主党在佛蒙特、俄亥俄、得克萨斯和罗得岛4个州的预选计票结果将于日本当地时间5日公布，在此紧要关头，300多名小滨市市民当天集中到小滨市饮食文化馆，收看电视转播并为奥巴马加油。

　　一些与会者身穿印有奥巴马头像的Ｔ恤衫，头戴写有“我爱奥巴马”字样的缠头布，俨然是奥巴马的铁杆粉丝。当地点心店专门制作了印有奥巴马头像的豆馅包，请与会者品尝。集会上还播放了专为声援奥巴马而创作的歌曲。当看到奥巴马在佛蒙特州获胜时，与会者一片欢呼并鼓掌庆贺，随着奥巴马在其他3州失利，与会者又露出担心的表情。最后，大家连呼“奥巴马加油”。

     这一集会吸引了约150名记者前来采访，美国有线电视新闻网也进行了报道，据说集会的场面将在全美播出。集会组织者藤原清次说，自己所在城市的英文译名和可能成为世界头号名人的人同名，这是千载难逢的机会。

　　其实，小滨市早就在和奥巴马“攀亲”，去年1月就曾向他赠送过当地的特产“若狭彩漆筷子”。随着奥巴马在提名战中的表现越来越好，他的人气在小滨市也越来越旺，当地还出现了不少与奥巴马相关的食品、用品等。不久前，小滨市市长村上利夫还给奥巴马写了信并送给他祈求胜利的漆器不倒翁。本月3日，村上利夫收到了奥巴马的回信。奥巴马在信中感谢小滨市的支持，并表示他与小滨市分享的不只是名字，也承担共同的责任。在来信最后的签名上方还有日文“您的朋友”的字样。

　　不过，对于这股“奥巴马热”，小滨市也有反对之声。有市民就说这是一些人在瞎起劲，市政府也已多次接到电话，抱怨“为什么要支持其他国家的总统竞选人”，“希拉里很可怜”等等。有报道说，奥巴马一直对小滨市的热情没有理睬，只是在小滨市对外国媒体抱怨后才回的信。对此，奥巴马迷们不以为然。担任“自愿支持奥巴马之会”事务局长的藤原清次说：“说到底只是‘自愿’而已，这和在家喝啤酒是一样的。”

其实除了发音相同之外，奥巴马和日本小城小浜应该是怎么也扯不上一点关系。但是当地人却这么热情地支持奥巴马的竞选，真的透露出一股纯真的傻劲。其实不管他们怎么支持奥巴马，对于他的竞选肯定是一点帮助都没有的，捐钱当然是不行的，因为接受外国人的政治捐款是违反竞选筹资法的。

不过我还是很欣赏这种举动的，因为我也在做同样的事情，方法不同而已。半年前就写了一个关于奥巴马的博客，但是更新得不是很勤，推广也做的不足，所以浏览量一直不是很高，另外一个原因可能也是奥巴马在国内没有希拉里的知名度高，因为后者作为美国前第一夫人已经被很多人所知晓。

如果有人对于奥巴马有好感，并且愿意发表有关文章的话，可以联系我，我可以转发在我的博客奥巴马中文网上。地址是 http://blog.sina.com.cn/aobama , 希望感兴趣的人可以多多访问。